Developer wants to turn city marina into hotel public-private parntership
If a Florida developer has his way, the Las Olas Marina and an adjacent parking lot in Fort Lauderdale will be turned into a $200 million premier hotel/marina resort. The developer is hoping to use a special public-private partnership (P3) allowed under state law to turn the city-owned facility into a center with space for mega yachts and attract boaters, thus impacting the local economy and economic development.
The proposed plan would seek an investment of $20 million from the city, but with a guarantee from the developer of a $5.3 million annual return after three years. The proposal calls for a 110-foot-high, 220-room hotel with parking garages and green space atop the hotel. Retail space would be available at street level. The south side of the facility would also have parking in a four-story garage that would feature restaurant and office space.
Beach Redevelopment Board Chair Tony Abbate said the proposal did indeed address two major areas of interest – the marine and tourism industries – but exactly where the city would find its share of the funding is uncertain. The P3 being sought was used previously in another venture – Marlins Park in Miami. This plan would allow the city to not have to seek a request for proposals, but instead would announce what kind of partnership it is considering and depend on other interested developers submitting their own suggestions.